Bulgaria’s Deputy Prime Minister and Economy, Investments and Industry Minister Alexander Poulev Wednesday said that virtually all state-owned companies in the economic sector are facing a severe shortage of funds. He was speaking during a meeting of the parliamentary Committee on Economic Policy, Investments and Industry. The exceptions to the liquidity crisis are the VMZ ordnance plant in Sopot and several other companies with proven external demand for their products, Poulev added.
According to him, the reasons for this are not limited to the general economic cycle but are due to “very poor management, which is fully proven.”
Poulev said that upon taking office, he had moved to stop financial leakages in the system and found that numerous documents had been prepared for contract indexation, on which, in his words, “zero work had been done.” He also recalled the changes made to the management bodies of these companies, adding that their new leaderships are expected to urgently present concrete strategic development plans for each company.
The Minister pointed out that the Ministry’s budget has been reduced to a minimum, which means the institution does not have the resources to make direct financial transfers to the enterprises of the State Consolidation Company. According to him, additional funding will be sought through personal talks with the Finance Minister and via the Bulgarian Development Bank, but only if the respective company presents a proven project with a return on investment.
Taking a question, he said that the Bulgarian Development Bank, following the changes being undertaken, and the Bulgarian Export Insurance Agency are expected to offer financial instruments and competitive products specifically aimed at small and medium-sized businesses, which will be outside the scope of non-repayable grants.
Virtually All State-Owned Companies in Economic Sector Face Serious Liquidity Crisis – Deputy PM Poulev THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2026-09-30 14:15:25
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